ABC7 Chicago is told the man was driving a gray Jeep and was speeding down Wilson Avenue at approximately 3 a.m. The driver reportedly hit several parked cars, and police followed the vehicle to investigate.
Chicago police say the suspect then opened fire on the officers.
The Fraternal Order of Police union spokesperson described what happened.
"As they approached the vehicle, the offender opened fire on the officers. They dove for cover and returned fire. The suspect was hit fatally," said FOP spokesperson Pat Camden.
Some witnesses say they heard a crash, rushed out of their homes, then heard several shots fired near Wilson and Kimball in the Albany Park neighborhood.
"I heard a crash and with my friend. I went to go inside, and all I saw was a car stopped, and I just saw a shooting," said neighbor Alejandro Villegas.
"I saw the perpatrator speeding down the street and the cops chasing right after him. He crashed down the street. I heard screaming to get down or get out of the car, and after that I heard three shots. After that, I heard return fire, and that's when I ran back inside," neighbor Douglas Quintanilla said.
The officers sustained injuries as they were diving for cover. They were taken to Illinois Masonic hospital for treatment.
Crime scene tape remained in place hours later as authorities continued to investigate.
Wilson was shut down at Kimball.